R&S Group Holding AG R&S Group publishes Semi-annual Report 2026

Ad hoc announcement pursuant to Art. 53 LR

R&S Group publishes Semi-annual Report 2026

• Final H1 2026 results confirm figures reported on 5 August 2026
• EBITDA of CHF 34.0 million with a solid margin of 19.0%
• Record order backlog of CHF 357.9 million provides strong visibility into 2027 and 2028
• Stronger second half-year expected; 2026 and mid-term guidance confirmed

16 September 2026 – R&S Group Holding AG (SIX: RSGN) today published its Semi-annual Report 2026. The final results confirm the key figures reported on 5 August 2026. Strong order visibility, resilient profitability and solid cash generation underline the Group’s sound position. R&S Group continues to execute its strategic investments and transformation towards structurally attractive markets.

Order intake amounted to CHF 216.8 million (H1 2025: CHF 240.6 million if adjusted for divestment), a decline of 10% on an adjusted basis. The Group recorded postponed orders of around CHF 15 million after the balance sheet date, since the order confirmation of few larger projects shifted from the first into the second half of the year.

Order backlog reached a record CHF 357.9 million as of 30 June 2026 (CHF 305.7 million on 30 June 2025), with delivery schedules for power transformers extending well into 2027 and 2028.

Net sales amounted to CHF 179.2 million compared with CHF 201.4 million in the first half of 2025 on an adjusted basis. At constant currency, net sales were CHF 183.6 million, 9% lower organically year on year.

Profitability reflected the build-up of the workforce expansion of around 100 employees for the new power transformer plant in Łódź, which is scheduled to start operations by the end of 2026. EBITDA amounted to CHF°34.0 million, corresponding to a solid margin of 19.0%. Profit after tax reached CHF 22.4 million (H1 2025: CHF 28.8 million), corresponding to earnings per share of CHF 0.60.

Free cash flow more than doubled to CHF 11.5 million despite continued investments in additional production capacity. The delivery of production equipment for the new plant is scheduled in H2 2026 and therefore will impact cash capital expenditures.

Cash and cash equivalents declined by CHF 15.6 million, mainly due to the dividend payment of CHF 18.6 million and the scheduled amortization of the syndicated loan of CHF 12.5 million. As of 30 June 2026, net financial debt amounted to CHF 71.4 million, compared to CHF 62.9 million on 31 December 2025. The leverage ratio at the end of June stood at 0.9x.

R&S Group expects a stronger second half and FY2026 net sales of around CHF 410–420 million, subject to the successful delivery of large power transformers. The Group continues to expect an EBITDA margin within its guided range of 19% to 21%. While FY2026 net sales are expected to remain below the Group’s mid-term growth guidance, the record order backlog and solid business outlook underpin the Group’s mid-term guidance.

Following the leadership change announced on 7 September 2026, Matthias P. Weibel has assumed the role of Group CEO ad interim in addition to his responsibilities as Group CFO. The Group remains focused on executing its strategic priorities.

The following table shows R&S Group’s results for the first half of 2026:

		HY 2026 reported		HY 2025 reported		HY 2025 adjusted 1				Change in reported figures
		MCHF		MCHF		MCHF				in%
Order intake		216.8		244.8		240.6				-11.4%
Order backlog		357.9		305.7		305.2				17.1%
Net sales		179.2		206.3		201.4				-13.1%
EBITDA		34.0		43.9		43.4				-22.6%
as % of net sales		19.0%		21.3%		21.5%				n.a.
Profit after tax		22.4		28.8		28.2				-25.4%
Free cash flow		11.5		5.2		5.2				121.0%
Earnings per share in CHF 2		0.60		0.77		0.76				-22.1%
Net financial debt 3		71.4		104.0		104.0				-31.3%
Number of full-time equivalent employees at reporting date		1’340	4	1’285		1’260				4.3%

_{1  Adjusted for the non-core electrical switches & connectors business which was divested in December 2025.
2  Basic earnings per share computed by dividing profit after tax by the weighted average number of shares outstanding.
3  Defined as cash and equivalents less (interest-bearing) short- and long-term liabilities.
4 Including 101 full-time equivalents for the new power transformer plant in Łódź going into operations in Q4 2026.}

Documentation

The semi-annual report is available on the company’s website under this link.
The presentation on the semi-annual report 2026 is available here.

Conference Call

Chairman Heinz Kundert, and CEO ad interim and CFO Matthias Weibel will host a conference call for analysts, investors and the media today, 16 September 2026, at 10.00 CEST. The conference call can be joined online via this link.
 

Calendar

4 November 2026 1 April 2027 29 April 2027

Capital Markets Day at new plant in Łódź/Poland Release of 2026 Annual Report Annual General Meeting

Contact Investor and Media Relations

Doris Rudischhauser
Phone: +41 79 410 81 88
Email: investors@the-rsgroup.com
 

About R&S Group

R&S Group Holding AG operates eight manufacturing facilities across Switzerland, Italy, Poland, Ireland and the Middle East, offering a comprehensive portfolio of oil-immersed and cast resin distribution transformers as well as power transformers under the Rauscher & Stoecklin, Kyte, Tesar and ZREW brands. Serving utility, renewables, infrastructure and industrial customers across its domestic and European markets, the group is well positioned to benefit from accelerating energy demand driven by global decarbonization. In 2025, R&S Group generated net sales of CHF 414.8 million an increase of 47% in reported numbers and 8.6% in organic terms. R&S Group has been listed on SIX Swiss Exchange since 13 December 2023 under the ticker RSGN. Further information: www.the-rsgroup.com.
 

Disclaimer

This communication expressly or implicitly contains certain forward-looking statements concerning R&S Group Holding AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of R&S Group Holding AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. R&S Group Holding AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.